§ 308. — Terms of directors; vacancies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC308]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VII--DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND
ASSISTANTS
Sec. 308. Terms of directors; vacancies
At the first meeting of the full board of directors of each Federal
reserve bank, it shall be the duty of the directors of classes A, B, and
C, respectively, to designate one of the members of each class whose
term of office shall expire in one year from the 1st of January nearest
to date of such meeting, one whose term of office shall expire at the
end of two years from said date, and one whose term of office shall
expire at the end of three years from said date. Thereafter every
director of a Federal reserve bank chosen as hereinbefore provided shall
hold office for a term of three years. Vacancies that may occur in the
several classes of directors of Federal reserve banks may be filled in
the manner provided for the original selection of such directors, such
appointees to hold office for the unexpired terms of their predecessors.
(Dec. 23, 1913, ch. 6, Sec. 4 (par.), 38 Stat. 257.)
Codification
Section is comprised of par. 26 of section 4 of act Dec. 23, 1913.
For classification to this title of other pars. of section 4, see
Codification note set out under section 301 of this title.
Section Referred to in Other Sections
This section is referred to in section 442 of this title.
